RecordKeeping and your business

The IRS suggests that every business maintains their files for 3 years. Recently when I sat in on a teleconference it was suggested to keep the files for 5 years as a reference in case the business is audited. Keep current files in a filing cabinet in the business office space. "Old" files can be kepted in banker boxes in a safe location on site. A safe location would be a back room, basement, barn, garage.....just try and make sure it is secure from water damage and/or potetial fire.

The IRS and auditing

The IRS will randomly audit a business. There is nothing to be worried about if the business has accurate records and keeps their financials in order. There are 3 types of audits: 1) correspondence (through the mail); 2) field (at your location); 3) office (at the local IRS office). The IRS will notify you what documentation they are looking for so there won't be any surprises. You will have time to make sure you are well prepared in advance and avoid requesting a postponement. Postponing just drags out the process.

The IRS wants to work with you. If you end up oweing money, the IRS will work with you on paying your taxes. There are payment options so work with the IRS to what you can reasonably pay and stick with the plan.

QuickBooks class at local College

I will be co-teaching a QuickBooks class at the White Mountains Community College for the spring term beginning the week of January 12, 2009. I am excited to help individuals learn how to better use the software. I find the software to be very user friendly when one knows how to properly utilize it.

Record keeping class at WREN

I will be teaching a record keeping class at the WREN office on February 3, 2009 from 6-8 pm. The fee is small and hopefully participants will feel like they walk away with some knowledge. This is the second class I have taught at WREN and hopefully more classes will follow.

WRENzine Magazine

In the current issue of WRENzine I have an article that was published. The article pertains to good record keeping for businesses. The article stems from a teleconference I particpated in that the IRS offered.

Income Tax Returns

Hi All,

I am ready to assist people with their personal tax returns and/or those who require a Schedule C with their 1040 Returns.

Everyone should have their information compiled by the end of January. Remember, Companies are required to provide you with your information postmarked on/by January 31, 2009.

I am happy to prepare your tax return with you or you can drop off your information to me and I can call you when it is completed so we can review and e-file together.

Expanding Payroll Services

I have expanded my payroll services to my clients and anyone looking for just help with payroll. I am utilizing a new payroll software that will make payroll go quicker, more efficiently and help avoid any penalties associated with filing quarterly returns. My rates are competitive and definatly worth the investment to avoid any payroll headaches for business owners.